Inherited a house I want to rent out
This will be my first step into the investment realm. I have recently inherited an older home that I want to make some fixes to and rent out. There is no mortgage. The house is older and needs new roof, furnace, electrical, plumbing, flooring, windows and a basic landscape job. My problem is I don't know how to figure out what will be reasonable to invest in it to still make a profitable cash flow. In my area I can rent it for $600 to $700. I have capital to work with and don't need to get a loan to fix it. Any thoughts on this would really help.
Mary